Unmarried couple borrowing mortgage deposit from parents

uniquesj

I have brought a property with my boyfriend and we are joint owners – we own half of the property each. My parents loaned me the 5% deposit, they are now asking for an agreement to be set up in the case that I split up with my boyfriend he would need to pay back the 5% deposit to them. Do you know if there is a dummy template/legal agreement document I can find on the internet?

TEDDYRUKSPIN

This happens alot and it is worth the weight in money alone to use the solicitor. This should not cost more than £60. Basically, the solicitor will draft up the document for both of you to sign.

puddy

its a declaration of trust, ours cost 109 quid, they will formulate terms that you specify, ours was the house is owned 70/30 in my favour, you have to do the calcuations based on the mortgaged owed and stuff like that. theres a short version or a long version which wold take into consideration bills, contributions etc

Dave101t

dont worry about it, if your buying a house together it must be love! dont 2nd guess

yelf

true true. I did the same. Sols did it but cant remember the cost.